Fidelity Bank denies claims of withholding $25 million from MIIF
By DL News
Published
1 min read
In a statement shared on social media platforms, the bank clarified that it had facilitated a foreign exchange transaction, expecting MIIF to meet its financial obligations within the agreed timeframe.
Fidelity Bank has dismissed allegations that it seized $25 million from the Minerals Income Investment Fund (MIIF).
In a statement shared on social media platforms, the bank clarified that it had facilitated a foreign exchange transaction, expecting MIIF to meet its financial obligations within the agreed timeframe.
“However, MIIF experienced delays in settling their portion of the transaction in forex. Subsequently, MIIF took the necessary measures to address the overdue amount and fulfill their commitments under the agreement”, the statement explains.
Earlier reports suggested that in 2024, MIIF, operating under the Ministry of Finance, backed an overdraft facility for Goldridge Limited through Fidelity Bank. However, when the company defaulted on repayment, Fidelity Bank reportedly withheld $25 million belonging to MIIF in November 2024.
